Pen Needles Market To Reach USD 1.18 Billion By 2026 | Reports And Data
Pen Needles Market Size - USD 487.6 million in 2018, Market Growth - CAGR of 11.5%, Pen Needles Industry Trends - improvement in needle designs
A growing geriatric population, rising incidence of obesity and diabetes, favourable reimbursement plans, rising demand of minimal invasive therapy and market penetration into developing countries are key factors contributing to high CAGR of Pen Needles during the forecast period
NEW YORK, Oct. 24, 2019 /PRNewswire/ -- According to the current analysis of Reports and Data, the global pen needles market was valued at USD 487.6 million in 2018 and is expected to reach USD 1.18 billion by year 2026, at a CAGR of 11.5%. Pen needles are used by both healthcare providers and patients for administration of various injectable medications. Insulin administration for diabetic patients is a major application segment for pen needles. The advancement in the technology has resulted in increasing adoption of pen needles over conventional syringes. Their benefit lies in the ease of use and minimum pain while administrating medication, unlike the case with old-designed syringes.
Design is a major factor for product efficacy which is continuously worked upon for ensuring proper lubrication, minimum friction, and attached safety caps. Increasing incidences of chronic diseases such as, diabetes and cancer is one of the major factor contributing towards the growth worldwide. According to American Diabetes Association more than 30 million of the American population is diagnosed with diabetes and more than 84 million people have high risk of diabetes. Pen needle is majorly applicable in diabetes for the administration of insulin. Rising demand for minimal invasive treatment as the abortion of the therapy in middle of the treatment due to high anxiety level due to the pain associated with the administration of the drug is one of the key factor promoting the growth. Also, it does not require any professional skills.
Various market players are engaged in launching up the user friendly technology in the market. For instance, Novo Nordisk, one of the kay leader in diabetes market launched its NovoFine that features superflow technology to regulate higher flow without pain through its hairline thin gauze. North America holds the largest share in the global market by region. The well-established healthcare system and supportive reimbursement structure is supporting market growth. The developing countries are expected to observe lucrative growth because of an increasing incidence of disease and the increasing spending on healthcare. Despite a lucrative growth scenario, the preference for alternative modes of drug administration, and reuse of pen needles remain major challenges to be tackled for advancements in the pen needles market.
Further key findings from the report suggest
Based on type, the standard pen needles segment held the largest share. The growth is slowing down relatively because of associated risks such as lack of a safety shield, that can result in serious infections when not used carefully.
Based on therapy, the insulin segment is expected to register the fastest growth rate during the forecast period. The burgeoning geriatric population along with the high number of reported cases of diabetes is pushing the demand for this therapy.
The growth hormone therapy is expanding at a steady rate as it is being used more than before in order to stimulate growth and facilitate cell reproduction. Advancement in medical science is helping in a gradual accessibility to this therapy.
The 4 mm segment is growing at a fast rate of growth because of ease of insulin administration and the wide scale availability of this length of pen needles in the market.
By region, North America holds the largest share as of 2018 because of an increasing incidence of diabetes in the region. Government initiative to spread awareness about the product along with a favorable funding from many private players is leading the market growth.
The global market is highly competitive in nature. The top market players are constantly working on new technologies and products to enhance their global footprint. In January 2019, Becton, Dickinson and Co. launched an ergonomic pen needle technology, which has been designed for an enhanced injection depth.
Companies adopt both organic and inorganic growth strategies in order to ensure a steady pattern of growth. Acquisitions and mergers are commonly witnessed. In December 2017, BD acquired Bard to make use of the latter's product portfolio and innovation pipeline.
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